Hut 8 Corp. $HUT Shares Sold by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. decreased its holdings in Hut 8 Corp. (NASDAQ:HUT) by 33.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,531 shares of the company’s stock after selling 28,562 shares during the quarter. Harvest Portfolios Group Inc. owned 0.05% of Hut 8 worth $2,597,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of HUT. GAMMA Investing LLC bought a new position in shares of Hut 8 in the fourth quarter worth $30,000. Russell Investments Group Ltd. grew its stake in shares of Hut 8 by 235.8% in the second quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Activest Wealth Management bought a new position in shares of Hut 8 in the fourth quarter worth $49,000. Danske Bank A S bought a new position in shares of Hut 8 in the fourth quarter worth $51,000. Finally, CWM LLC grew its stake in shares of Hut 8 by 37.4% in the fourth quarter. CWM LLC now owns 1,106 shares of the company’s stock worth $51,000 after purchasing an additional 301 shares in the last quarter. Institutional investors own 31.75% of the company’s stock.

Insider Activity at Hut 8

In related news, CFO Sean Joseph Glennan sold 4,625 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $49.05, for a total transaction of $226,856.25. Following the completion of the transaction, the chief financial officer owned 12,068 shares of the company’s stock, valued at $591,935.40. This trade represents a 27.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rick Rickertsen sold 17,491 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $110.00, for a total value of $1,924,010.00. Following the sale, the director directly owned 17,491 shares of the company’s stock, valued at approximately $1,924,010. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 54,628 shares of company stock valued at $4,960,721 over the last 90 days. 10.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on HUT shares. Weiss Ratings cut Hut 8 from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Thursday, May 7th. Cantor Fitzgerald increased their price target on Hut 8 from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Compass Point set a $130.00 price target on Hut 8 in a research note on Wednesday, May 13th. Rosenblatt Securities increased their price target on Hut 8 from $89.00 to $124.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Finally, Northland Securities set a $120.00 target price on Hut 8 in a research note on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $107.72.

Hut 8 Trading Up 3.4%

Shares of HUT stock opened at $96.51 on Thursday. The stock has a 50-day simple moving average of $69.66 and a 200 day simple moving average of $56.71. Hut 8 Corp. has a fifty-two week low of $14.74 and a fifty-two week high of $112.26. The stock has a market capitalization of $10.87 billion, a P/E ratio of -32.17 and a beta of 4.48. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.12.

Hut 8 (NASDAQ:HUT) last announced its earnings results on Wednesday, May 6th. The company reported ($1.98) earnings per share for the quarter, missing the consensus estimate of ($0.33) by ($1.65). Hut 8 had a negative net margin of 109.77% and a negative return on equity of 0.35%. The firm had revenue of $139.31 million for the quarter, compared to the consensus estimate of $78.53 million. On average, sell-side analysts expect that Hut 8 Corp. will post -2.34 earnings per share for the current fiscal year.

Hut 8 Profile

Hut 8 Corp., trading on the Nasdaq under the symbol HUT, is a North American digital infrastructure company specializing in cryptocurrency mining and high?performance computing. Founded in 2017 and headquartered in Toronto, Canada, Hut 8 operates purpose?built data centers that house fleets of specialized ASIC and GPU servers. Through its flagship mining facilities in Alberta and Ontario, the company leverages low?cost, low?carbon power sources—such as hydroelectric and natural gas—to support sustainable bitcoin production.